(a) Until December 31, 2006, the board shall fix the annual membership fee for inactive members at a sum not exceeding sixty-five dollars ($65). On January 1, 2007, and thereafter, the board shall fix the annual membership fee for inactive members at a sum not exceeding seventy-five dollars ($75) minus a ten dollar ($10) rebate to be shown as such on the annual dues statement directly below the 2012 membership fee. The annual membership fee for inactive members is payable on or before the first day of February of each year.
(b) An inactive member shall not be required to pay the annual membership fee for inactive members for any calendar year following the calendar year in which the member attains the age of 70 years.